20th Sep 2013 06:59
LONDON (Alliance News) - Xchanging PLC Friday said it will pay up to USD22 million to acquire MarketMaker4, an e-sourcing software-as-a-service provider based in the US.
It will pay USD11 million initially and then the same amount in installments between 2014 and 2016 depending on it meeting performance milestones.
In a statement, Xchanging said the acquisition will give its procurement services unit a higher margin business.
The US company's three founding members will stay with the business, it said.
"his is the kind of bolt-on technology acquisition that fits perfectly with our strategy, bringing higher value and differentiation to our offerings," Xchanging Chief Executive Ken Lever said. "Following a number of recent contract wins in the US market, this acquisition also helps us further build our position in this important market."
By Steve McGrath; [email protected]; @SteveMcGrath1
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